28% increase. I guess those ASICs are finally getting to customers.
Well my profits dropped 27.6% for the next 2 weeks. Once difficulty hits 30mil I'll probably pack up my mining gear. If we keep getting these sort of difficulty increases that will happen by the end of July.
Unless you have zero-expense mining, your profits just went down by more than 28%.
Profits drop faster than revenue. For instance if you pay $50/month in mining expenses (chiefly electricity, also depreciation) and make $100/month in coins, your profits are $50/month. If you then take a 28% hit so now you generate only $72 in coins per month, the new numbers are: $50/month expenses, $72/month revenue, profit of $22/month. A 28% drop in revenue led to a 56% drop in profit. I chose round numbers to illustrate a point, but you see what I mean.
So since bitcoin mining is so hard any reason why we shouldn't start litecoin mining? I was thinking of starting considering my build is almost here. Just waiting on a couple more parts.
You do realize the hordes of GPU bitcoin mining refugees will simply flood litecoin and make that even less profitable, right? Since the hordes of bitcoin GPUs are so much larger than the sliver of litecoin miners, one would expect a huge jump in difficulty very soon.